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4h ago

October Rule Changes Overhaul Payments, Pensions, Rail Ticketing, and Cheque Clearing

The rollout seeks to curb fraud, speed refunds, tighten verification, and improve clearing.

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Major Rule Changes From October 1
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Overview

  • From October 1, non‑government NPS subscribers can allocate up to 100% to equities under the new Multiple Scheme Framework with the ability to hold multiple schemes under one PRAN.
  • IRCTC will give Aadhaar‑verified users exclusive access to the first 15 minutes of online booking windows, with agents barred during that period.
  • UPI ‘collect’ or pull requests are set to be disabled to limit fraud, though reports differ on the effective date, with most citing October 1 and some noting November 3.
  • The RBI will shift cheque processing to continuous clearing in two phases, beginning October 4, 2025, and continuing with a second phase from January 3, 2026.
  • An automatic GST refund system will enable quicker release of up to 90% of eligible Input Tax Credit, with Aadhaar authentication required for refunds.